Aga Khan Agency for Microfinance (AKAM) is a microfinancing agency of the Aga Khan Development Network. History AKAM was formally inaugurated in February 2005 by Aga Khan IV and the former president of the World Bank, James Wolfensohn. The not-for-profit agency was created under Swiss law and is based in Geneva, Switzerland. It is governed by an independent Board of Directors chaired by the Aga Khan. AKAM brings together the financial services programming of the Aga Khan Development Network (AKDN), at the lower end of the ladder, unifying and consolidating their objectives and principles of development under one institutional umbrella. The agency belongs to AKDN's social development branch, and as such AKAM operates in both rural and urban areas, seeks to alleviate poverty by helping to improve incomes and quality of life through various programmes, initiatives, and partnerships. Today, AKAM operates in developing countries including Afghanistan, Burkina Faso, Côte d'Ivoire, Egypt, Kenya, the Kyrgyz Republic, Madagascar, Mali, Mozambique, Pakistan, Syria, Tajikistan and Tanzania and provides various microfinance opportunities whose “versatility allows it to be adapted to the needs and circumstances of the poor in urban and in rural environments.” At the end of 2010 it had 156 branches in South, Central Asia, the Middle East, West Africa and East Africa, with 3,120 employees. Since its establishment in 2005, AKAM has assumed responsibility for microfinance programs that were administered by other agencies within AKDN for more than 25 years. At the end of June 2010, the agency managed a loan portfolio of over US$147.7 million in outstanding micro, small and medium-sized loans to over 287,240 beneficiaries in 13 countries. Objectives and principles The underlying objectives of the Agency are to “alleviate economic and social exclusion, diminish the vulnerability of poor populations and reduce poverty” so as to make the beneficiaries “self-reliant and eventually gain the skills needed to graduate to the mainstream financial markets”. To articulate its approach, AKAM has formulated a series of key principles. These are: Providing a broad range of microfinance services Aiming to balance costs with revenue but also generate a modest surplus to contribute to the expansion of services and geographic coverage Operating alongside other AKDN agencies to draw on their experience Utilizing institutional approaches and instruments that facilitate access and address the diversity of contexts and cultures Consolidating all practices to ensure that procedures are transparent, efficient and appropriately documented with trained staff Focusing on